{
}
UBS is revising its internal language guidelines regarding sustainability-related products due to concerns over potential backlash from the political right and accusations of greenwashing. Employees are urged to use more complex terminology, such as renaming "debt-for-nature swaps" to "Country Debt Conversion With Associated Sustainable Development Goal Funding," complicating communication in marketing materials. This shift reflects the increasing pressure on financial firms to justify their sustainable offerings amid scrutiny from various political and regulatory fronts.
Radicant and Numarics AG are merging to enhance their offerings for private individuals and SMEs, creating a platform that integrates banking, investment, and digital administration. The new entity will provide comprehensive financial services, including bookkeeping and digital bank accounts, under the Radicant name, with Anton Stadelmann as CEO. Basellandschaftliche Kantonalbank remains the main shareholder, alongside investors like UBS, as Radicant seeks to alleviate its financial burdens while expanding its services.
Boris Collardi, Chairman of EFG International's Regional Asia Advisory Board, has appointed Urs Buchmann and Ashish Gumashta to strengthen the board. Buchmann, a former Vice Chairman at Credit Suisse in Hong Kong, and Gumashta, with extensive experience in the Indian market, will help drive EFG's growth strategy in Asia. As competition intensifies, particularly from Hong Kong and Singapore, EFG aims to expand its presence in the booming Asian wealth market.
Finma has suspended UBS's annual approval of stabilization and emergency plans, citing the need for adjustments following the Credit Suisse takeover. The authority requires UBS to standardize its structures and processes for potential recapitalization and liquidation, emphasizing the necessity of preparing for a market exit without taxpayer support. Given the current landscape, a foreign bank would likely need to intervene in a crisis, raising concerns about the feasibility of such a cross-border rescue.
Activists, led by economist James S. Henry, are urging the US Department of Labor to revoke UBS's license to manage pension fund assets due to its extensive history of financial crimes, including $20 billion in fines. The scrutiny intensified following UBS's acquisition of Credit Suisse, which also has a troubled record. A rejection of UBS's exemption application could significantly impact the bank's operations in the world's largest pension market.
VP Bank in Liechtenstein faces enforcement proceedings from FINMA for serious regulatory violations, leading to CEO Paul Arni's immediate resignation, which he denies is related. The bank, which has cooperated with the regulator, plans to appeal the ruling, citing a settled client relationship from 2020. Amidst these challenges, VP Bank is undergoing a cost-cutting program and has seen changes in its Board of Directors.
Beat Schmid
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs revises language on sustainability to avoid political backlash and greenwashing
07:55 21.10.2024
Radicant and Numarics merge to enhance financial services for SMEs and individuals
07:42 17.10.2024
EFG International expands Asia Advisory Board to enhance growth strategy
Indian Rupee
Hong Kong Dollar
United States Dollar
Japanese Yen
Singapore Dollar
Credit Suisse Anlagestiftung
Julius Bär Gruppe AG
EFG International AG
Motilal Oswal Finvest Ltd.
IND
HKG
JPN
VNM
SGP
THA
MNG
CHN
BGD
Boris Collardi
Ashish Gumashta
Beat Schmid
Urs Buchmann
Giorgio Pradelli
Show more
08:30 16.10.2024
finma outlines challenges for ubS in potential crisis takeover scenarios
10:36 15.10.2024
activists push for UBS exclusion from US pension fund management
United States Dollar
Credit Suisse Anlagestiftung
UBS SA
USA
DEU
Beat Schmid
James S. Henry
Paul Morjanoff
Show more
09:06 15.10.2024
VP Bank faces regulatory violations as CEO resigns amid enforcement proceedings
Credit Suisse Anlagestiftung
UBS SA
Deutsche Bank Aktiengesellschaft
VP Bank (Switzerland) Ltd.
Julius Baer Groupe SA
CHE
LIE
Thomas R. Meier
Stephan Zimmermann
Paul Arni
Beat Schmid
Urs Monstein
Show more
09:00 03.10.2024
Trending
Subcategory
Stock Market Updates
Corporate News
Industry Trends
Global Trade Developments
Global Financial Events
Finance Mergers & Acquisitions
Banking Regulations
Retail and Consumer Goods
Startups & Entrepreneurship
Central Bank Actions
Industry Mergers & Acquisitions
Inflation and Monetary Impact
Government Economic Policies
Market Analysis and Predictions
CEO Changes
Domestic Politics
Government Policies
Workplace Trends
GDP Growth & Recession Forecasts
Financial Scams and Security
Countries:
Companies:
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Barclays PLC
Deutsche Bank Money Market PP
The Goldman Sachs Group, Inc.
Banco Santander, S.A.
Credit Suisse Strategic Income I
Berkshire Hathaway Inc.
Lloyds Banking Group plc
SpaceXCoin USD
Morgan Stanley
Amazon.com, Inc.
UBS Group AG
Bank of America Corporation
Wells Fargo & Company
BNP Paribas SA
NVIDIA Corporation
Bank Frick AG
UniCredit S.p.A.
Currencies:
United States Dollar
Euro
British Pound Sterling
Japanese Yen
Swiss Franc
Indian Rupee
Chinese Yuan
South Korean Won
Canadian Dollar
Vietnamese Đồng
Australian Dollar
Thai Baht
Singapore Dollar
Indonesian Rupiah
New Taiwan Dollar
Mexican Peso
Russian Ruble
Hong Kong Dollar
Offshore Chinese Yuan
New Zealand Dollar
People:
Donald Trump
Elon Musk
Warren Buffett
JD Vance
Sergio Ermotti
Mark Haefele
Robin Leopold
Troy L Rohrbaugh
Jennifer Piepszak
Olivier Calvet
Karoline Leavitt
Ursula von der Leyen
Scott Bessent
Stacey Friedman
George Saravelos
Susan P. Crawford
Francois Xavier Bouvignies
Joseph Spak
Stefan Rauti
Jeff Bezos